MERS

A month after reaching a record $25 billion foreclosure settlement with U.S. mortgage lenders, several states are ready to collect. Today it’s New York, which will collect $25 million from five major banks over their alleged abuse of the Mortgage Electronic Registration System (MERS).

“Now serving the next customer in line to sue Bank of America.” While not exactly what you expect to hear from the teller at your local Bank of America (BofA) branch, Bloomberg yesterday warned that the besieged bank is among a group of lenders that may face a new slew...